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| Section | Objectives |
|---|---|
| Power, ethics and communication in negotiation | - Influencing factors
|
| Negotiation fundamentals | - Principles of commercial negotiation
|
| Negotiation strategies and tactics | - Approaches to negotiation
|
| Negotiation planning and preparation | - Preparation techniques
|
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NEW QUESTION # 169
AB Manufacturing seeks to buy a new materials resource planning (MRP) software system. At the 'defining the business need' stage of the procurement cycle, the procurement manager ensured that all the internal stakeholders involved had the power to contribute and sign off on requirements. For the MRP system, the procurement manager consulted the head of production planning of AB Manufacturing. The head of production contributed to demand levels, existing manufacturing planning, and existing staff levels. What type of power does the head of production demonstrate?
Answer: C
NEW QUESTION # 170
There are many factors which will influence supplier pricing decisions. Which of the following are external factors that may apply? Select THREE that apply:
Answer: A,B,E
Explanation:
Reference: CIPS L4M5 Study Guide, Section 2.2 - Cost and Price Analysis
NEW QUESTION # 171
A negotiation meeting commences with the supplier asking the buyer 'How do you feel about the service you receive from us currently?', followed by 'What do you think about our latest products?' and 'How do we compare with other suppliers you use?' The supplier is using which type of questions?
Answer: B
Explanation:
Open questions begin with "how," "what," "why," etc., and are designed to encourage detailed responses. The supplier's questions are open-ended and aim to gather comprehensive feedback, which can inform better mutual understanding and potential deal improvements.
Reference: L4M5 Commercial Negotiation 2nd edition (CORE), Section 3.3 - Questioning Styles in Negotiation
NEW QUESTION # 172
Which of the following is a disadvantage of absorption costing method?
Answer: D
Explanation:
Absorption costing is an approach to allocating overheads in which indirect costs are loaded or absorbed into direct costs related to specific jobs, processes or outputs, using an estimated basis of allocation.
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NEW QUESTION # 173
Ma Bell was the sole provider of landline telephone service to most of the US in 1980s. This is an example of...?
Answer: D
Explanation:
A monopoly exists when only one company can supply an essential product or service in a given region because of significant barriers to entry for any competitor. The barriers can be legal, regulatory, economic, or geographic. Ma Bell case is an example of monopoly. The company was broken up in 1982.
A monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.
Pure or perfect competition is a theoretical market structure in which the following criteria are met:
- All firms sell an identical product (the product is a "commodity" or "homogeneous").
- All firms are price takers (they cannot influence the market price of their product).
- Market share has no influence on prices.
- Buyers have complete or "perfect" information-in the past, present and future-about the product being sold and the prices charged by each firm.
- Resources for such a labor are perfectly mobile.
- Firms can enter or exit the market without cost.
Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors. Monopolistic competition is closely related to the business strategy of brand differentiation Reference: CIPS study guide page 105-110 LO 2, AC 2.2
NEW QUESTION # 174
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